The global cryptocurrency market cap did not see any notable increases during the previous intraweek session. It started the period under consideration at $934 billion but dipped in response to the massive selling pressure across the market.
It saw a low of $880B but recovered and peaked at $953 billion. Most assets failed to hold on to their gains which resulted in more downtrends for the sector. It ended the previous seven-day period almost at its opening price with no significant change.
In the current week, the market may see more improvements as we observe little changes in its valuation. For example, the global cryptocurrency market cap was worth $925 billion at the start of the current intraweek session, as at the time of writing, it’s at $958 billion.
We may be seeing a last-ditch effort by the bulls to reclaim key levels before the months run out. We saw something similar in August and we may see a repeat.
Almost every trader is setting expectations of how the crypto market will perform over the next six days. A clear fundamental would set the tune for these performances. However, there is none. Let’s turn to the charts.
Top Five Cryptocurrencies to Watch
BTC/USD
The previous seven-day period was filled with a lot of movement for the apex coin. It had a tough start with a dip and recovery. It recorded its biggest loss on Tuesday as it completely lost $19k and closed with losses exceeding 3%.
On the other hand, it saw its biggest increase on Friday as it surged from $18,448 to a close at $19,400. This move indicates a more than 5% positive change. On the weekly chart, Bitcoin lost 3.14% with several indicators maintaining their bearish position.
One such is the Moving Average Convergence Divergence. We observed the further slip below 0. The Relative Strength Index also closed above 40. BTC is gaining more momentum in the current week.
A clear indication of this is the two green candles on the daily chart. Many may consider the gains insignificant. Nonetheless, the apex coin is up by more than 4% since the start of the current seven-day period.
It added more than $500 to its worth a few hours to the time of writing and at $19,700. Will it reclaim $20k? MACD is hinting at a possible retest. A closer look at the indicator reveals that it just had a bullish divergence. This may mean more uptrend for BTC.
We also observe an accompanying pressure to match this claim on the Relative Strength Index. Based on previous price movements, once the $20k resistance break, prices may hover within the $19k-$20k region before another notable move.
This is as a result of a build up in demand concentration. During this accumulation period, the bulls must defend the $19,000 support to prevent further downtrend. The correction may send BTC as low as $18,600, $18,400 before it finds support.
We also observed that the apex coin is edging with every dip to retest its first pivot support. Nonetheless, depending on the buying pressure, we may see an attempt at the $21k resistance.
XRP/USD
Ripple had a splendid performance during the previous intraweek session. It was the top gainer in the top 10 and had a good start to the week. It recorded a more than 7% increase during the first day and 8% on Tuesday.
It saw its biggest surge on Thursday as it rose from $0.39 to peak at $0.49. Although it dipped a little, it closed that intraday session with gains exceeding 22%. There was no massive drop in price during the period under consideration.
Nonetheless, the coin lost more than 4% on two occasions. In the end, the altcoin saw a close with gains exceeding 37%. Several indicators blared warning as a result of intense buying pressure. One such is RSI. We observed that XRP was overbought on Thursday but returned to normal as it retraced on Saturday.
Ripple is showing signs of slowing down soon. It recorded losses of 4.75% during the previous intraday session as it closed at $0.46 after opening at $0.49. It seems to be picking up momentum as at the time of writing.
As a result, it tested its fourth pivot resistance but failed to flip it as it faced rejection at $0.48. Nonetheless, traders may see this as an indication of more uptrends. It is also important to bear in mind the massive increase the altcoin experienced last week.
They also need to watch RSI as more uptrends will make XRP oversold and due for correction. We may see an attempt at the $0.45 support and a flip. However, further uptrends may see ripple gain more stability above $0.55. To achieve this, it may have an accumulation phase around $0.5 and $0.47.
UNI/USD
Last week, Uniswap performed as many would expect, with highs and lows. Like most cryptocurrencies, it had a tough start to the session. To this effect, we observed a doji representing trading action on Monday.
The bears seized control of the market the next day as the asset recorded losses of more than 3%. More price struggle on Wednesday that resulted in UNI dipping its low for the week ($5.14). Nonetheless, it peaked at $5.7.
It saw its biggest surge on Thursday as it rose from $5.32 to a close at $5.73, signifying a more than 7% positive change. A little more uptrend the next day.
On the weekly chart, the token closed with a more than 3% increase. Several indicators were bullish at the end. One such is the Relative Strength Index. We observed that UNI almost oversold but recovered to end the period under consideration above 40.
This may be a clear indication of more price increases. In accordance with this statement, trading action since the start of the current week are bullish. For example, the uniswap ended the previous intraday session with gains exceeding 4%.
There are strong indications the present 24-hour period will end better than the previous. One such is the most recent peak. It surged to a high of $6.70 but met strong rejection and is currently exchanging at $6.27.
It opened at $5.92. The most recent price indicates a more than 6% increase. MACD hints at a continuation of the uptrend. A closer look at the indicator reveals that asset had a bullish divergence on Friday. If the most recent momentum continues, we may see UNI make an attempt at its pivot point at $7.1.
Nonetheless, on the flipside, traders may watch out for the $5.5 support in event of a downtrend.
QNT/USD
A closer look at the daily chart showed that Quant was mostly bullish during the last intraweek session. During the two days of bearish dominance, the asset lost more than 6% but recovered as the week progressed.
It saw its biggest surge on Thursday as massive buying pressure saw it rise from its opening price of $104 to peak at $112. It saw minimal correction and closed at $110, which signifies a 6% increase.
On the weekly chart, the token closed with gains exceeding 11%. Price performance also ensured a close above its pivot point. Nonetheless, we saw an attempt on the first pivot resistance.
It briefly succeeded but ended the previous seven-day period below $122. Price movements during the current week indicate that we may see more price improvements.
For example, quant ended the previous intraday session with gains of almost 4%. It edged closer to flipping $122 but failed as it faced resistance at the mark. The token is seeing more buying pressure as at the time of writing.
As a result, it flipped the highlighted level for the first time in more than thirty days. It saw a high of $137 but dipped as selling pressure mounted. Due to this, it retraced to $130. Nonetheless, it is 8% higher than its opening price.
Additionally, it gained stability above the first pivot resistance with a possible attempt at the second. However, it is important to take note of RSI. The most recent surge also the metric as high as 70.
If the uptrend continues, QNT may become oversold. Based on the rule governing this indicator, we may conclude that it may dip. The $122 is one of the toughest support and we may see a rebound there.
Nonetheless, sustaining the current momentum may guarantee a retest of the $148 resistance.
COMP/USD
Compound also had a splendid run during the previous intraweek session. Like the previously highlighted asset, it was mostly bullish. It saw only one day of the price decrease and lost 4.5%.
Its biggest gain was on Thursday as it surged from $56 to a high of $62. The little correction resulted in a close at $61. Nonetheless, the token gained more than 8% during this period.
On the weekly chart, it had a positive change of 22.8% with prospects of a more price surge. Unfortunately, price action since the start of the current week does not support these claims.
It barely made any significant progress during the previous intraday session as it closed with gains of almost 3%. A doji represents the present intraday session which translates to the fact that there is no notable change.
Indicators like RSI are responding negatively to this uncertainty as we observe the metric edging below 60. Following the massive increase last week, we may conclude that COMP experienced various downtrends.
One level to keep an eye on is the pivot point at $53. Depending on the selling pressure, we may see a retest of this mark. Nonetheless, compound most gain stability above $63 to retest other levels.
